Windward dives on duster
UPDATE 2.20pm: Shares in Windward Resources have plunged after drilling at its Fraser Range north project failed to live up to expectations for a Nova-style nickel discovery.
The company had been following up a promising electromagnetic survey at the Western Margin prospect but a conductor identified turned out to be related to metasediments containing graphite and sulphide with intervals of massive pyrite and pyrrhotite.
Windward Managing Director David Frances said while the results of the hole were clearly disappointing both for shareholders and the company, unfortunately that was often the nature of grass-roots exploration.
"However, the company still has a prime land-holding in the Fraser Range, and numerous high quality targets that remain to be tested this quarter, and a strong cash position," he said.
"We will continue to work hard to explore and generate new targets with the aim of discovering an economic deposit."
Windward Resources is one of several explorers with tenement in the Fraser Range area hoping to replicate the recent success of Sirius Resources' Nova and Bollinger deposits.
Windward shares closed down 8.5 cents, or 36.17 per cent, at 15 cents after plunging as low as 10 cents in intraday trade.
Shares in the company had soared as high as 48 cents last month.
